This should imply good things for TMSR:
Monday August 18 9:22 AM EDT
Company Press Release
Source: Toys "R" Us, Inc.
Toys 'R' Us Reports 2nd Quarter Results
PARAMUS, N.J., Aug. 18 /PRNewswire/ -- Toys ``R'' Us, Inc. (NYSE:TOY) announced today that its sales for the second quarter ended August 2, 1997 increased 15% to $2.0 billion from the $1.7 billion reported for the second quarter last year. For the first six months of 1997, net sales increased 16% to $3.9 billion versus $3.4 billion for the same period a year ago.
Second quarter net earnings were $36.7 million or $.13 per share versus a net loss of $7.5 million or $.03 per share a year ago. For the first six months of 1997, net earnings climbed to $66.1 million or
$.23 per share compared to $11.2 million or $.04 per share last year. The 1996 second quarter results included a charge related to an arbitration award rendered against the Company. Excluding the impact of this charge, 1996 second quarter net earnings were $27.1 million or $.10 per share and net earnings for the first six months of 1996 were $45.8 million or $.17 per share.
Michael Goldstein, Chief Executive Officer, stated, ``There is a lot of excitement in our stores right now. Our USA toy stores had comparable store sales increases of 4% for the second quarter and
6% for the first six months. We are especially pleased since these increases were on top of a strong sales performance last year when we ran our first ever clearance events. These sales gains are attributable to the continued strength of the video game business as well as strong sales of action figures, plush and outdoor playsets. In addition, the virtual pet craze spurred by Tamagotchi has further increased customer traffic in our stores.
``Our international division posted outstanding sales and improved operating results this quarter. Our stores in Canada and the United Kingdom had double digit comparable store sales increases this quarter as well as year to date. Comparable store sales gains were also posted in Australia, Spain, France, and Japan. These sales increases were driven by our new marketing programs as well as the continued strength of the video game business and the introduction of virtual pets outside Japan.
``Our Kids 'R' Us division reported higher comparable store sales for the second quarter while our Babies 'R' Us divisions experienced a comparable store sales decrease. The transition of the Baby Superstore locations to the Babies 'R' Us operation is now complete and we look forward to stronger performance from this business for the balance of the year.
``The second quarter results were also positively impacted by lower interest expense, due to....
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